Capitaland’s Plan For the Former JCube Shopping Centre
After purchasing the former JCube shopping mall, Capitaland is looking at various options for its future. It is planning to turn the area into a mixed-use development. The property is slated to close on 9 June 2019. The property is also home to Marks & Spencer, which has announced its closure.
Capitaland is exploring various options for redevelopment
The redevelopment of the former JCube Shopping Centre is in the works, and the Urban Redevelopment Authority (URA) has approved the project. The plan is to convert the mall into a primarily residential development, increasing the plot ratio from 3.0 to 4.2. The new development is expected to generate about $1 billion in annual sales, according to the Urban Redevelopment Authority. It also includes repositioning the mall, which has a unique feature – the only Olympic-sized ice skating rink in Singapore.
The redevelopment of the JCube Shopping Centre will be a big step for the city, with a mix of retail, offices, and leisure facilities. The plan also includes a four-line MRT system. However, the project has not yet been approved in full. The URA’s publication of a draft masterplan amendment suggests that approval has been granted in principle. The JCube Shopping Centre is located in Jurong East, where connectivity is excellent. It is expected to fetch about $2,000 per square foot when it is redeveloped. That is significantly higher than the average private property in Clementi.
It has acquired the former JCube shopping mall
The former JCube shopping mall, located on the Jurong East waterfront, has five levels and three basement levels, including an outdoor garden, and a total net lettable area of 210,038 square feet. Its lease is 99 years, and the developer expects to add $90 million to the mall’s retail space. Its sale is expected to raise S$340m, or a 22 percent premium over the mall’s previous valuation. It will also provide CICT with additional capital to fund future acquisitions.
JCube enjoys good connectivity to the Jurong East MRT interchange station, which services existing lines and the upcoming Jurong Region Line. Additionally, the property is adjacent to the planned Jurong integrated transport hub, which will feature a bus interchange and community institutions. CMT will explore options for redevelopment of the JCube shopping mall, including a mixed-use development.
It is planning to convert it into a mixed-use development
The former JCube Shopping Centre in Singapore may soon be turned into a residential building. Capitaland Limited, the developer behind the site, says the project will improve the area’s connectivity and yield a substantial increase in residential units. It expects to complete the project by the first quarter of 2022.
The plan would essentially turn the JCube shopping mall into a residential complex with commercial space on the first and second storeys. It is currently under planning by the Urban Redevelopment Authority, and the developer has received approval for the project. The plan would add a residential building over the mall and increase the plot ratio to 4.2.
The proposed development will add a residential component and retail space to the JCube Shopping Centre, a five-storey shopping mall that opened in 2012. It will consist of a mix of residential units and commercial space, and a residential tower on top.
Marks & Spencer will be closing its outlet on 9 June 2019
The closure of Marks & Spencer’s outlet at the former JCube Shopping Centre comes after the brand announced its withdrawal from Singapore. As many as 30 jobs will be cut. Employees will be offered alternative positions at nearby stores. The closure comes a year after Robinsons also announced its departure from Singapore. The brand has managed to save money by improving its stock management and supply chain. The retailer has also reduced the amount of products sent to M&S Outlet clearance stores.
Although Robinsons’ flagship store at the Heeren will be closing on Dec 16, the liquidators of Marks & Spencer’s Raffles City branch are still in talks with the landlord. The brand has 10 outlets islandwide, including this one, and has advertised a “moving out sale” in the Straits Times last Thursday. The company’s closing marks the end of 34 years in Raffles City.
It will save 7,793,984 kWh/year in energy
According to the Building and Construction Authority of Singapore, the former JCube Shopping Centre will save seven million kWh per year in energy and conserve three million litres of water per year. The mall also has a number of green features that will help conserve water. A rooftop landscaped garden and an Olympic-size ice skating rink are among the green features.
The conversion will also improve connectivity to the area, which will boost the demand for residential homes. The project is part of a growing trend of over-mallification in cities, which is unavoidable in today’s booming e-commerce environment.